How do I know which business organization type is right for me?

In Business Law by Coolidge Wall

Just as no one pair of shoes fits everyone properly, so too is there a need for more than one type of business organization in Ohio. Different ways of organizing your new business have their own advantages and disadvantages. Which one is right for you depends in large part on what type of business you are creating, and your goals and plans for the business. For instance, creating a corporation can be useful, because it allows the owners to limit their personal liability and lets them raise funds by issuing stock. However, corporations must follow certain rules to the letter, …

So You Just Started Your Own Business – Now What?

In Business Law by Coolidge Wall

The opportunities and advantages associated with being your own boss and operating your own business are endless. However, with great opportunity comes great risk. Although getting out of the red and into the black is understandably your top priority, equally as important is avoiding legal pitfalls that can compromise your business assets, and possibly your personal ones. Below is a non-inclusive list of some legal considerations small business owners should be aware of. Corporate Form In Ohio, doing business under another name does not create an entity distinct from the person operating the business. The individual who does business as …

Supreme Court Upholds DOL Authority to Determine Employee Status

In Employment Law by Coolidge Wall

On March 9, 2015, the United States Supreme Court issued a significant decision impacting employers who are concerned with whether or not their workers can be classified as exempt employees under the Fair Labor Standards Act. The decision in Perez v. Mortgage Bankers Assn. confirmed that the DOL had the ability to interpret its rules to determine that mortgage lenders were non-exempt employees. As such, mortgage lenders need to be paid overtime for every hour worked over forty per week. However, the impact of the decision extends far beyond the mortgage banking industry. Perez dealt with the much broader issue …

Home Rule Authority in Ohio Municipalities

In General, Municipal by Coolidge Wall

Ohio cities have flexibility under Ohio law to establish laws in accordance with the powers of local self-government, otherwise known as Home Rule Authority. The relevant provisions of the Ohio Constitution were enacted in 1912 and read: Municipal Powers of Local Self-Government. §3 Municipalities shall have authority to exercise all powers of local self-government and to adopt and enforce within their limits such local police, sanitary and other similar regulations, as are not in conflict with general laws. Home rule; Municipal Charter. §7 Any municipality may frame and adopt or amend a charter for its government and may, subject to …